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ARTICLE · 28 OCTOBER 2024

FTX: Customer Refunds Arrive

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In October 2024, a US court approved a restitution plan that aims to distribute between USD 14.7 billion and USD 16.5 billion to customers.

ItalyTechnology
Calogero Boccadutri
Calogero Boccadutri
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FTX, the cryptocurrency exchange platform that went bankrupt in November 2022, is finally about to repay its creditors.

In October 2024, a US court approved a restitution plan that aims to distribute between USD 14.7 billion and USD 16.5 billion to customers.

This would effectively be 118% of the value investors had in their accounts at the time of FTX's bankruptcy.

The FTX bankruptcy plan envisages full repayment in fiat currency for customers at November 2022 prices.

Fiat currency represents legal tender. The main fiat currencies include the US dollar, the euro and the British pound.

This precludes payment in cryptocurrencies.

For creditors owed less than $50,000, i.e. the vast majority, repayment could take place by the end of 2024.

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